Signage outside a Bed Bath & Beyond retail store in New York, Aug. 25, 2022.Gabby Jones | Bloomberg | Getty ImagesBed Bath & Beyond on Sunday
Signage outside a Bed Bath & Beyond retail store in New York, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Images
Bed Bath & Beyond on Sunday confirmed that its Chief Financial Officer Gustavo Arnal died over the weekend, after police had said earlier that Arnal fell to his death.
“The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss,” the company said in a statement.
Arnal, 52, fell Friday afternoon from a building in downtown Manhattan, according to police. The iconic skyscraper, known locally as the “Jenga Tower” or the “Jenga Building,” has more than 50 floors of uniquely stacked apartments.
Emergency Medical Services declared the victim deceased on the scene, according to a spokesperson from New York’s Office of the Deputy Commissioner, the public information office for the city’s police department. The New York City Medical Examiner’s Office will determine the cause of death. At this stage, the investigation remains ongoing.
During his time at Bed Bath, Arnal, who joined in 2020 from London-based cosmetics company Avon, made several acquisitions and sales of company stock. He recently sold more than 55,000 shares in the struggling retailer. A Securities and Exchange Commission filing shows that he made about $1.23 million in the sale which took place over two days in mid-August. The document also shows that as of the filing, Arnal still held 255,396 shares.
Bed Bath’s stock is down 43% this year — and about 90% from its all-time high.
Arnal, who also spent 20 years at Procter & Gamble, died days after the company announced plans to close 150 stores of its “lower producing” namesake stores. The New Jersey-based retailer also said it would be cutting 20% of its staff and added that it had secured more than $500 million in new financing, including a loan.
The cost-cutting measures come as Bed Bath’s core business continues to struggle. The company disclosed continuing slowing sales on Wednesday, with same-store sales dropping 26% for the three-month window ended Aug. 27 — a bigger drop than in previous quarters.
Some analysts say the while the turnaround plan announced Wednesday will improve the company’s liquidity position, it won’t be sufficient to save Bed Bath’s business. Raymond James downgraded the stock Thursday, saying that the cost cuts and new financing “only kicks the can down the road.”
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